Not exact matches
Another good idea for people in their 60s, is
instead of applying for
term life insurance, they can apply for
guaranteed universal
life insurance.
However, there is no hard and set rule as to when you should buy
guaranteed issue
life insurance instead of
term life insurance.
Luckily you still have options, and if you aren't eligible for
term life insurance you can still apply for
guaranteed issue
life insurance instead.
Guaranteed universal
life insurance policies work just like a
term policy except the coverage is set to a specific age, usually 90 or later,
instead of a 10, 15, 20, 25, or 30 year period.
What do get
instead: A quality
term life insurance policy or if you need permanent coverage a no - lapse
guarantee universal
life policy.
Instead,
guaranteed universal coverage behaves like a
term life insurance policy that simply lasts until you're over 100.
If you need whole
life insurance instead of
term life, you can get a free quote for whole
life insurance with
guaranteed approval.
These policies work just like
term life insurance but
instead of
guaranteeing your rates for a set number of years, GUL
insurance offers
guaranteed rates and coverage to a specific age.
These policies work just like a
term life insurance policy, but they
guarantee your rates until a defined age
instead of a set period of time (like 10, 15, 20, 25, or 30 years).
If you do not think you will do well on these things (i.e. you have a preexisting condition), then
instead of getting a whole or
term life insurance policy, you may want to look into getting a
guaranteed life insurance policy.